Various types of color conversion substrates, and display devices including a color conversion substrate are conventionally proposed. For example, the liquid crystal display device disclosed in Japanese Patent Laying-Open No. 2010-66437 includes a blue light source, a light shutter arranged on the blue light source, and a light extraction structure arranged on the light shutter. The light extraction structure includes a substrate, a red fluorescent material layer formed on the substrate, a green fluorescent material layer, a light diffusion layer, and a reflecting film formed around each of the fluorescent material layers and the light diffusing layer.
The light emitted from the side, among the light from the fluorescent material layer, is reflected by the reflecting film to be provided outside.